The burden imposed by regulators on businesses, both in the U.S. and abroad, will continue to increase, according to a recent survey by Thomson Reuters Accelus of more than 600 global compliance officers.
Among the findings:
- Three out of four compliance officers surveyed expect regulators to "increase the amount of information published" on new rules in 2014; Thirty-three percent expect the increase to be "significant."
- Compliance budgets are also on the rise. More than 60 percent of respondents predict budgets will grow, with one in five forecasting their budget will be “significantly” more in 2014.
- Two thirds of compliance officers expect the costs of employing senior staff to rise in 2014, with 21 percent predicting costs will increase significantly.
- One in four compliance teams worldwide spend more than 10 hours a week tracking and analyzing regulatory developments. The number of U.S. compliance teams spending 10 hours a week following new regulations doubled from last year (13 percent in 2013 to 25 percent in 2014).
- U.S. compliance departments still trail Asia, where 29 percent of personnel spend 10 hours a week reviewing regulatory developments, up from 21 percent in 2013.
- Nearly three-quarters of the compliance staff surveyed said they expected to spend even more time managing regulatory risk in the coming months.
Regulators have been very active in the wake of the financial crisis and that’s not going to change—despite the fact that U.S. regulators seem to have slown down issuing new mandates from the Dodd-Frank legislation and the JOBS Act, says Todd Cipperman, founder of Cipperman Compliance Services.
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